19A NCAC 03D .0229      CORP. SURETY BONDS:  MOBILE/MANUFACTURED HOME DEALERS

A motor vehicle dealer who is engaged in the principal business of selling mobile or manufactured homes (as defined in G.S. 143‑143.9) and who also sells other motor vehicles as an incident to this principal business, shall either:

(1)           furnish to the Division a corporate surety bond, cash bond, or fixed equivalent thereof pursuant to G.S. 20‑288(e); or

(2)           furnish to the Division a copy of the bond that the dealer has furnished to the North Carolina Manufactured Housing Board, pursuant to G.S. 143‑143.12, which includes the condition that the obligor will faithfully conform to and abide by the provisions of Article 12 of North Carolina General Statutes Chapter 20.

 

History Note:        Authority G.S. 20‑39, 20‑288(e);

Eff. June 1, 1988;

Amended Eff. January 1, 1994.